For millions of iPhone users, this query may have left them feeling as though their iPhone lost it a little bit this week as the voice-guided valet “Siri” would have simply been repeating its own name. For investors around the world, they knew better. Sirius XM Radio (NASDAQ: SIRI), for the fifth time this week, remained one of the most actively traded stocks gaining nearly 2% today as “the street” saw its worst week since June.
Sirius XM Radio is an oft-traded stock and today’s volume was down from its 90-day average. “Only” 57.9 million shares traded hands today compared to the aforementioned average of 65.9. In spite of this fall-off in volume, Sirius XM enjoyed a gain that would be the envy of a number of CEOs whose stocks trade on the NASDAQ following a week of calamitous reports and election-uncertainty-based hesitancy from a number of trading houses.
This uncertainty is not speculative but a repeat of nearly every “month prior” since the early 60s.
A company of Sirius XM’s size, which broadcasts its music, sports, news, talk, entertainment, traffic and weather channels in the United States on a subscription fee basis through two proprietary satellite radio systems, enjoys a subscription base of over 20 million people each month. This subscriber base and heavy trading is the reason Sirius XM never has a news-free day.
Monday saw a gain that barely merits mention despite wide swings in its stock price over the day. It opened at $2.78 and closed at $2.79. However, during trading hours, Forbes suggested that subscriber numbers could beat estimates, the Motley Fool hinted that Sirius XM was a great buy, and investors simply traded millions of shares to no gain.
Tuesday heated up on news that Sirius XM would host a town hall event with much maligned NFL Commissioner Roger Goodell following the conclusion of recent labor disputes. This seemingly benign news was met with heavy volume and a move from $2.69 at opening to a close of $2.64.
Wednesday saw more of the same, though it also represented the beginning of moves towards the positive. Sirius XM opened at $2.64 and spent little time moving upwards before falling backwards and closing at $2.76. The news from Wednesday? Oddly, it didn’t include much worthy of mention.
Thursday? A suggestion that people can’t think for themselves and love the new content that Sirius XM makes available for their ears. The stock saw an uneven day that worried investors at lunchtime but recovered quickly in time for an overall daily gain.
Today? Another heavy day of trading that asked as many questions as it answered. Not unlike the US Men’s Soccer team at half time in a match against Antigua-Barbuda.
With volume numbers like these, never forget Sirius. It trades serious.
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